Reserve Bank of Zimbabwe Governor John Mangudya revealed that diaspora remittances into Zimbabwe dropped by 11,4 per cent in 2018 to $619, 2 million from $699 million received in 2017.
Mangudya said this while presenting the 2019 Monetary Policy Statement on Wednesday. He said:
Diaspora remittances contributed $619,2 million, a decline of 11,4 per cent as compared to $699 million received in 2017.
The decline of diaspora remittances is mainly attributed to the preference to send in-kind remittances by the diaspora and the interception of remittances in South Africa by cross border traders.